Trump announced on Truth Social Friday morning that Kevin Warsh, 55, will be his nominee to lead the central bank. “I am pleased to announce that I am nominating Kevin Warsh to be the CHAIRMAN OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM,” Trump wrote. “I have known Kevin for a long period of time, and have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best. On top of everything else, he is ‘central casting,’ and he will never let you down.”
“I continue to be more worried about upside risks to inflation than downside risks,” Warsh said during a Fed meeting at the time. During those years, he helped manage the financial crisis with then-Fed Chair Ben Bernanke and Timothy Geithner, who was New York Fed president at the time and would later become Treasury secretary under President Obama.
Trump has railed against Powell for not lowering interest rates enough, even pushing an unprecedented criminal investigation into the Fed. But amidst that controversy, Warsh’s nomination will now go to the Senate Banking Committee, and after a public hearing, the Senate will vote on whether to confirm him.
“No Republican purporting to care about Fed independence should agree to move forward with this nomination until Trump drops his witch hunts of the current Chairman of the Federal Reserve and Governor Lisa Cook,” said Democratic Senator Elizabeth Warren, a member of the banking committee.
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